India's Richest 5 lose 5 trillion

NEW DELHI: Companies run by India's five richest, including the two Ambanis, have lost a whopping Rs 5 trillion in market value in the current bear phase that began early this year. The cumulative market value of companies belonging to the groups led by five wealthiest of the country —Ambani siblings Mukesh and Anil, real estate magnate Kushal Pal Singh, software czar Azim Premji and telecom tycoon Sunil Mittal —on Monday fell to about Rs 8.5 trillion. Among the five groups led by the five richest Indians, the one led by the wealthiest of them, Mukesh Ambani, has recorded the maximum value erosion of about Rs 1,71,000 crore. Mukesh emerged as the richest person in India in March this year with a net worth of about Rs two trillion. The market capitalisation of firms belonging to Mukesh Ambani group currently stands at about Rs 3.7 trillion, as against Rs 5.4 trillion on January 10. The second biggest loss has been seen in market value of Anil Ambani group, which has fallen by about Rs 1.3 trillion to Rs 1.9 trillion. The country's biggest real estate firm, DLF, majority owned by India's third richest K P Singh, has seen an erosion of close to Rs 1.2 trillion. Bharti Airtel, run by fifth richest Sunil Mittal, has also lost about Rs 40,000 crore during this period. The smallest loss has been seen in Azim Premj's Wipro. The company's market value has dropped by just about Rs 1,000 crore to about Rs 70,000 crore.